Exclusive: The Drop – Auroracoin
On an island northwest of continental Europe, at midnight, the people of Iceland will experience a spectacle of light coming over their country as auroracoins fall from the sky. Not literally of course, but the 330,000 citizens of Iceland will finally be able to receive 31.8 auroracoins worth approximately $380. That’s totaling 125 million dollars worth of coins, just given away.
The coins will be distributed two main ways:
The first way is as follows, since 80% of the Icelandic population is on Facebook, Icelandic citizens will be able to claim their coins simply by logging into Facebook through a gateway.
Once the user logs into the site, the user will be required to provide their Facebook information. The user’s information is then used to match their National ID number. This has been implemented as a safeguard against fraud. Once this information is verified the user will receive their 31.8 auroracoins.
The gateway is available on the auroracoin website (http://auroracoin.org/) but will only be available to access in Iceland.
The second way for an Icelandic citizen to receive their auroracoins will be through SMS. The person’s cell phone number will then be matched with their National ID number and once verified the user will receive their auroracoins.
Once a person’s national ID number is used it cannot be reused.
The initial airdrop is only available for four months, then any unclaimed coins will be divided by 330,000 and be redistributed through another airdrop that will last another four months. This process will take place one more additional time, again lasting four months.
After all three airdrops are completed if there are more than 630,000 coins those coins will be destroyed. The remaining coins (630,000 or less) will then be split evenly between a development fund and/or an Auroracoin Foundation formed by the community and the remaining half will go towards different charities elected by the Auroracoin community. This information can be found at http://auroracoin.org/blueprint.php.
Baldur Odinsson is hopeful auroracoin will revolutionize his country’s monetary system, since the Icelandic krona has dropped 99.5% relative to gold in the last 50 years.
In recent news the Financial Supervisory Authority, Central Bank of Iceland, The Consumer Agency, Ministry of Finance and Economic Affairs and Ministry of the Interior of Iceland have issued a joint statement only warning the public of digital currencies. The document noted that transactions of digital currencies have been limited due to the country’s strict financial controls, until now as they stated.
Cheers to Auroracoin.
